All Forum Posts by: Will McVeigh

I'm a remote investor buying properties in another state. I've applied to multiple (5) banks and consistently get told that they do not lend to non-local investors for commercial properties (5+ units). Have any of you encountered that experience before? If so, what did you do to obtain a loan? I'm thinking I just need to try harder, but I could use some pointers.

Well, TSP made less than 2% last year. I stopped investing in it 2 years ago. Like a few people have said, it's good to use the TSP as proof that you have backup funds for 3-6 months for each property you own.

Hey Chad, I am military and in colorado springs. Most folks I know are located north of peterson or Ft Carson. There are some in fountain as well. For assistance, look up Base Allowance for Housing (BAH) rates. The pay for all ranks are publicly available. I have a SFR there that's doing great!

Hi Victor, I just got a SFR in March in the Springs that's netting around $225 / mo in cash after management and maintenance. There's some good places off of North Powers. One thing I didn't do when I started was look into a quad or duplex with my VA. If you haven't used your VA yet, you might be able to get one of those to generate additional revenue while you're here.

I'm not sure for private lenders. You could look into FHA loans with only 3.5% down. You'd probably be looking somewhere between 3-6% rates currently. You could look into using your private money just for the down payment and not the complete loan.

Is the 20% your interest rate? If so, you're probably looking at a much higher monthly payment. Also, don't forget to include your maintenance, taxes, insurance and vacancy costs.

Are the FHA DTI limits flexible? On their website it says "maximum ratio is 43%."

My DTI is around 43% without the additional loan payment. Assuming I could get it settled it would be just over 43% after the loan with rental income. Is it possible to get this waived?

My goal is to reduce payment costs on one of the rentals. The taxes where the rental is located went up by $50 / month. I'll look into the IRRRL that might be able to work for me. Thanks for the info!

I'd like to make the June one. Do you know if there is a meetup that happens in Colorado Springs?

-Will

Hi All,

One of the properties that I originally used a VA loan for is approaching 80% LTV. It's about $5k away from that right now. Is there an easy way to figure out if refinancing will give me either a lower payment or possibly pull out some principal to pay for another property?

If I get some cash out, have any of you done a VA refinance before? If so, how did that work for you?

-Will